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HomeWall Street-Washington Incest and Insider Trading
Posted by Larry Doyle on November 13th, 2011 9:39 PM |
I have written about the incestuous nature of the relationship between those on Wall Street and their cronies in Washington for the last three years.
The stench of this incest is overpowering but is hopefully now becoming more public.
How uncanny that a few days ago I received the following message from a regular reader asking my opinion on the following:
Larry,
Think back to 2008/2009, with market moving events unfolding due to government action, some times over a weekend. (more…)
Jon Stewart Lays Out Jon Corzine
Posted by Larry Doyle on November 10th, 2011 7:06 PM |
If the situation with Jon Corzine and the bankruptcy of MF Global were not so serious, then this recent performance by Jon Stewart hammering Corzine would be unbelievably hilarious. As it is, Stewart’s shtick is merely riotous but also highlights the hypocritical nature and incestuous demeanor of the former New Jersey governor.
You’ll thoroughly enjoy this 8 minute clip……….. (more…)
What Happened to the MF Global Customer Funds?
Posted by Larry Doyle on November 9th, 2011 6:59 PM |
How is that $600+ million of customer funds disappears from a bankrupt brokerage firm and it is not THE perpetual lead story in every financial periodical?
I know there is a lot going on in the world but this story blows them all away because it strikes at the very heart of our financial markets.
If customers do not have a deep faith and strong belief that their assets are segregated and protected why would any customer maintain an account with any broker? I wouldn’t. (more…)
Jack Abramoff’s Corruption and Bribery in Washington
Posted by Larry Doyle on November 8th, 2011 9:06 PM |
Regular readers of Sense on Cents are well aware of my contempt for the relationship between those on Wall Street and their incestuous partners in Washington.
While my blog’s focus has been on this aforementioned relationship, let there be no mistake that the normal order of business now in our nation is that these incestuous relationships extend far beyond Wall Street into virtually every industry in our nation.
Regrettably, far too many of our supposed leaders in Washington who wield legislative power have embraced those who shower favors of all types on them.
You don’t believe me? (more…)
Is Jon Corzine “Too Big To Be Indicted”? Part II
Posted by Larry Doyle on November 7th, 2011 7:01 PM |
I thank all those who took the time to share with me their concerns about the seeming violation of customer accounts at the now bankrupt firm MF Global.
Without the sense and belief in the safety and integrity of deposits and assets, I firmly believe customers would pull their funds and investments from any and all institutions in a heartbeat. Runs on the bank would clearly lead to a severe economic decline.
The fact that MF Global seems to have violated the sanctity of its customer assets has justifiably shocked many on Wall Street. Anybody with a bank or brokerage account at any institution should be equally shocked and concerned. Why? (more…)
Is Jon Corzine “Too Big To Be Indicted”?
Posted by Larry Doyle on November 7th, 2011 7:16 AM |
Any manger—let alone a chief executive officer—worth his salt should be laser focused on protecting the interests of his constituents, including shareholders, creditors, and employees.
Jon Corzine is not worth his salt or much of anything else these days as he protected none of his constituents.
While Jon Corzine may have fancied himself as a titan in both political and financial circles, the simple fact is the demise of the once renowned firm MF Global on his watch, relegates Corzine to the rubble with other outsized egos humbled and humiliated by Mr. Market. (more…)
Recommended WSJ: “Why Wall Street Can’t Handle the Truth”
Posted by Larry Doyle on November 6th, 2011 3:54 PM |
Mike Mayo is a highly regarded bank analyst on Wall Street. While Mike has had some outstanding calls over the course of his career, he is most widely regarded for ‘taking the road less traveled’ when it comes to speaking his mind and not merely serving as a shill for the institutions at which he has worked.
I write that not to denigrate those involved in research on Wall Street. Many research analysts on Wall Street are challenged to balance their career preservation interests against the desire of their employers to maximize revenues.
Mayo has uncannily distinguished himself for making hard calls which fly in the face of the institutional interest of the firms looking to gather client assets and sell investment products. (more…)
Time for an Independent Audit of Freddie Mac
Posted by Larry Doyle on November 3rd, 2011 3:20 PM |
On December 24, 2009 President Barack Obama and Treasury Secretary Tim Geithner provided a blank check to the wards of the state known as Freddie Mac and Fannie Mae. I highlighted that ‘Christmas’ gift in writing at the time, Fannie and Freddie’s Huge Christmas Bonus.
That blank check runs throughout 2012. Do not think for a second that the administration will not keep adding zeros to this check throughout next year. Why do I make that assessment?
Well, let’s review the fact that today Freddie announced a third quarter 2011 loss of a mere $6 billion!! What is behind this loss of our American taxpayer funds? (more…)
Random Sense on Cents
Posted by Larry Doyle on November 1st, 2011 11:02 AM |
The freak storm that ran through New England over the weekend has left millions without power including yours truly. While the power outage has been more than a nuisance, a number of developments on our global economic landscape deserve comment. On that note, I am compelled to address the following: (more…)
